Apple reportedly in talks to acquire mapping start-up Waze [UPDATE]

When Apple launched the iPhone 5 with iOS 6, the new maps app was universally panned. Apple had replaced Google Maps with its own homegrown solution, but its data was gravely lacking and faulty which eventually led to the sacking of the iOS head Scott Forstall. At this time Google did not have a native Maps app for iOS and Waze in many ways became the best Maps app for iOS. Of course this has changed since Google released its fantastic new Maps app for iOS. Now, TechCrunch is reporting that Apple is in advanced talks to acquire Waze, to bolster its default Maps app for iOS.

UPDATE: Turns out it was a rumor and TechCrunch is now reporting there is no deal happening.

According to the report Apple has offered Waze $400 million plus $100 million in incentives, while Waze is demanding $750 million. Waze had less than $1 billion in revenues last year and these too primarily came from ads.

That said, Waze has strong mapping data in particular in Asia and the Middle East and Apple is in grave need of this data. Even in India, we can testify that Waze has a vastly superior maps database than Apple, so it does make a lot of sense for Apple to acquire the company. But, as mentioned above both parties are yet to settle on a final figure, so the negotiations could take some time or even fall through.